PEOPLENovaNAIT clientJim Barr atRocketSpace,which offersshared officespace in downtownSan Francisco.44 techlifemag.ca
Day 2, 9:21 a.m.Barr starts the first of the morning’s two mentoringsessions in a tiny office at RocketSpace, which offersshared office space for tech startups. Gibson ofConnectedN shares the time. Early stage adviserMichael Buhr plays mentor, bringing experience asformer CEO of StumbleUpon and senior director ofcorporate strategy at eBay.SnowSeekers arose from the combination of hispast as a journalist and marketing and sales jobs intourism, Barr explains, and from an abandoned bookdeal. Terms included a slim royalty of seven per centon a $29 book and no ownership of content. Basically,he tells Buhr, “the guidebook went fully digital” as theSnowSeekers mobile apps.Buhr likes the concept, but wonders if it’s trulyready to move into California. Barr listens quietly.“My gut feeling is to find a way to build it out beforeyou expand somewhere else,” says Buhr. “Why takethe risk when you have so much opportunity toexpand in Canada?”“But can I do both?” asks Barr.Buhr isn’t convinced. “Maybe we revisit this ayear from now.”Just before the focus turns to ConnectedN,Gibson considers SnowSeekers’ competition. “Thething that’s not being done well is content. You can dothat,” he tells Barr.At the second round, mentor Dan Martell takesBarr and session-mate Pereira of Shiny Ads to anearby café. The co-founder of Flowtown, a socialmarketing platform for small businesses, takes a moregeneral approach than Buhr, peppering his pair withadvice: be brutally honest about risk with your earliestinvestors; limit the time-suck of raising capital byraising more from fewer sources; generously valuateyour company; talk to veterans in your field. Then heasks if he can be of any more help.“Uh, introductions to VCs would be good,”says Pereira.Regarding SnowSeekers, Martell does get specificabout California: forget it – for now. Capitalize insteadon the proximity of Washington and Montana. “The[market] overlap is what gives you that competitiveadvantage,” says Martell.Though Barr understands the value of all theadvice he has received, he seems overwhelmed by it,even disheartened. In fact, a few hours from his pitch,his optimism has eroded significantly. He’s distractedand unsmiling. He needs to refine his presentation.“I know I’m going to get eaten alive by the VCs,”he says before disappearing to work. He shrugs,willing himself as quickly as possible into a state ofacceptance. “But it is what it is.”Day 2, 3:30 p.m.Barr’s pitch, in an office near the San Franciscowaterfront, keeps to the seven minutes allottedby organizers. Attending are a handful of otherentrepreneurs, along with dealmakers ChrisAlbinson, C100 co-founder and a managing directorat Panorama Capital, investor in life sciences andtechnology companies; Ron Warburton of theBusiness Development Bank of Canada (BDC);and Export Development Canada’s (EDC) PascalBritt-Côté.Barr wasn’t quite right about being eaten alive.The atmosphere is relaxed and supportive, the tensionrising only mildly when Albinson questions some ofBarr’s growth projections: “I’ve been in this businessfor 20 years,” he says, “and you don’t see companieswith that kind of profitability, ever.”But Barr correctly anticipated the conclusion: noone considers Seekers Media “VC-backable”– at leastat this stage.As VCs, says Warburton, “We’re looking forworld-changing technology. The average investor islooking for a 10-times return. That is the reality.” Butstill, the BDC managing director of venture capital isimpressed. “I think you’ll do really well,” he tells Barr.“You can still have a very good, profitable business.”Barr brightens. “I’m okay with that.”Britt-Côté, as EDC information and communicationtechnology senior associate, suggests Barr should bein touch about his Washington and Montana plans.But it’s Albinson’s final comments – cautious butencouraging – that lift the clouds from Barr’s horizon.“There’s a signal there,” he says of Seekers Media.“There’s a heartbeat. Is it going to be a winner of the100-yard dash? It’s too early to say.”For Barr, that’s enough. The feedback sessionends and he gathers his presentation materials.“When a guy like Chris says you’ve got something?” hesays. With that, he’s smiling again.that night, back at RocketSpace for snacks anddrinks, Roy Pereira’s reflections on the day turnphilosophically toward the life of the entrepreneur.“You’re a gambler,” he says, “but hopefully you’recounting cards. Or at least you have someunderstanding of the game.”Certainly, Barr’s understanding has changed,and grown, thanks to the C100. The next day, beforeleaving San Francisco, he would meet informallywith prospective investors and come away not witha cheque but with connections he’d see as nearly asvaluable. Regardless of whether those lead one dayto cash, those meetings represent the kinds of “doors”that, back at that first 48hrs mixer, Barr hoped mightopen for Seekers Media. And even with no certain endjim barr’sstartup tips“Don’t be afraid to talkto people about youridea. Carefully pick yourallies and talk it through.”Feedback from likemindedentrepreneurs isessential; don’t fret toomuch about losing yourintellectual property.“Figure out how you’regoing to pay foreverything.” It soundsobvious, but whateveryou do, it’s going to costfar more money – andtake more time – thanyou’ve budgeted.“Just keep moving.” Theonly direction is forward,and evolution is onlypossible with momentum.Never rest.v5.1 2011 45
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